Saturday, February 25, 2012
Transfer of Ownership by a New Deed
There are some of you who many need to make changes in the ownership of your property. If you have owned a property in your own separate name and are now newly married and want to add your wife as part owner to the property, you would create a new Deed which would add her as a new part owner of that property. Normally a Quit Claim Deed is used to do this. In this case the title of this property would then be under your name and your wife as Community Property with Right of Survivorship. In this case if either party dies the property can pass directly to the surviving spouse without a court probate action.
A Deed is a legal document which transfers ownership or an ownership interest in a home, commercial building or parcel of land to another person, trust, living trust, partnership, limited liability company, corporation or any other legal entity which may own property under the law of that state. Real Property is always under the jurisdiction of the
state in which it is located.
This deed must describe the address of the property and have the legal description which legally describes the property printed or typed on the Deed. The party granting the deed transfer is called the "Grantor", and the party receiving the deed transfer is called the "Grantee."
This document lists all of the names of the parties that are involved in the real estate transfer. Once the deed has been signed it is recorded in the County of Record by the County Recorder and is made part of the public record, and any member of the public can view the deed transfer if they examine the public records.
There are many kinds of deeds with which real estate property is transferred. For example, a warranty deed guarantees that the "Grantor" owns the title, while the quitclaim deed only transfers the interest in the real property that a "Grantee" has. Most married couples normally hold title to real property under community property with right of survivorship. People who are not married can hold real estate ownership as Joint Tenants with right of survivorship. This means if one party dies then the other party's ownership interest will pass directly to the surviving spouse or partner.
Most deeds are recorded as a title transfer from a sale by the use of a title company which searches the public record and insures that the "Buyer" gets a clear title from the "Seller." This insurance policy assures the Lender there is a real estate loan being used to acquire the property that their loan documents will be in first or second position and that there are no deed restrictions, unpaid taxes, easements, bond assessments or other possible easements or encroachments on the property.
Article Source: http://EzineArticles.com/6180590
Posted by Rene at 9:37 AM